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Elon Musk’s Twitter Profile Picture Causes Apecoin to Sink

Elon Musk's Twitter Profile Picture Causes Apecoin to Sink

Elon Musk’s latest Twitter acquisition has caused a lot of ripples in the market. The Tesla founder is known to change the fate of a few cryptocurrencies through his prolific tweets in the past. He was in the vanguard of investors trying to raise the value of Dogecoin (DGC).

Ever since the billionaire announced his plans to acquire Twitter, he has been against cryptos trying to take the platform over. This includes the concept of NFT profile pictures. 

The NFT market has sparked a lot of controversies in the crypto community. One of these includes extremely low efforts NFT artists are putting behind their work and the insane prices they are selling it for. Among NFTs, ape faces have become a trend. Some ape face NFTs have sold for several millions of dollars. This resulted in Bored Ape Yacht Club (BAYC) coming up with their own Apecoin. ApeCoin reportedly is the native coin of BAYC.

Recently, Elon Musk changed his profile picture to a collage of a bunch of NFT-like ape faces. He even put out a tweet saying “I dunno…seems kinda fungible.”

All of this caused Apecoin to rise and then massively crash within a matter of hours. The coin was initially at $14.58. It then rose to $17.9 within a few hours of Elon’s Twitter antics. After this, the coin massively crashed and is currently hovering around the $15.9 mark. 

The way Elon can manipulate the crypto market with his tweets is truly commendable.

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